Sovereign Financial Group Inc. Has $296,000 Stake in Eaton Co. plc (NYSE:ETN)

Sovereign Financial Group Inc. decreased its holdings in shares of Eaton Co. plc (NYSE:ETN) by 21.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,090 shares of the industrial products company’s stock after selling 291 shares during the period. Sovereign Financial Group Inc.’s holdings in Eaton were worth $296,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of ETN. Vanguard Group Inc. raised its holdings in shares of Eaton by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company’s stock worth $12,351,506,000 after acquiring an additional 99,291 shares during the last quarter. FMR LLC raised its stake in shares of Eaton by 1.2% in the fourth quarter. FMR LLC now owns 15,222,248 shares of the industrial products company’s stock worth $5,051,807,000 after purchasing an additional 182,455 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Eaton by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company’s stock worth $2,714,677,000 after purchasing an additional 129,071 shares during the last quarter. Nuveen Asset Management LLC raised its position in Eaton by 4.3% in the 4th quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company’s stock valued at $1,550,226,000 after buying an additional 192,482 shares during the last quarter. Finally, Northern Trust Corp raised its position in Eaton by 8.8% in the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company’s stock valued at $1,518,207,000 after buying an additional 368,241 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

ETN has been the subject of several analyst reports. BNP Paribas Exane began coverage on shares of Eaton in a report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 target price for the company. Morgan Stanley decreased their price target on Eaton from $385.00 to $375.00 and set an “overweight” rating for the company in a research report on Tuesday, May 6th. Royal Bank of Canada raised their target price on Eaton from $336.00 to $356.00 and gave the company an “outperform” rating in a research report on Monday, May 5th. Barclays decreased their target price on Eaton from $315.00 to $306.00 and set an “equal weight” rating for the company in a research report on Friday, April 4th. Finally, Evercore ISI raised their price objective on shares of Eaton from $326.00 to $349.00 and gave the stock an “in-line” rating in a report on Monday, May 19th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $367.83.

Eaton Price Performance

ETN opened at $331.71 on Friday. The company has a market capitalization of $129.80 billion, a price-to-earnings ratio of 34.92, a PEG ratio of 2.64 and a beta of 1.16. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The firm has a 50-day moving average price of $298.11 and a 200-day moving average price of $316.33. Eaton Co. plc has a twelve month low of $231.85 and a twelve month high of $379.99.

Eaton (NYSE:ETN) last released its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, beating analysts’ consensus estimates of $2.70 by $0.02. The business had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.26 billion. Eaton had a net margin of 15.25% and a return on equity of 22.62%. Eaton’s revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.40 EPS. Equities analysts expect that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were given a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend was Monday, May 5th. Eaton’s dividend payout ratio (DPR) is presently 41.98%.

Insider Buying and Selling at Eaton

In related news, insider Michael Yelton sold 2,120 shares of the business’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the transaction, the insider now owns 3,382 shares of the company’s stock, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Craig Arnold sold 103,486 shares of the business’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the transaction, the insider now owns 490,208 shares of the company’s stock, valued at $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock valued at $49,622,894 in the last quarter. 0.30% of the stock is currently owned by corporate insiders.

Eaton Company Profile

Eaton Corporation plc operates as a power management company worldwide. The company’s Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.